Eastern Union President Ira Zlotowitz and Senior Managing Director Michael Muller negotiated and closed a non-recourse, five year, $25.6 million loan with a competitive rate of just 3 percent with one year interest-only. The loan was brokered with Bank United.
The asset is three properties in the Allerton neighborhood of the Bronx, consisting of a three-tenant retail property with three units, a 51-unit apartment building with seven ground floor retail tenants, and another mixed-use with 94 residential units and 13 commercial spaces. Respectively, the buildings are located on 659; 665; and 690 Allerton Avenue respectively.
SKYC Management purchased the asset from Dalan Management and Associates for $34.3 million. “It was a high-profile transaction for a well-performing asset with extensive retail frontage,” Zlotowitz said. “As such, we locked in an aggressive rate. On behalf of the team at Eastern we’re excited to announce this transaction.”
About Eastern Union Funding: Founded in 2001, Eastern Union Funding is a top 10 commercial mortgage brokerage, according to Mortgage Bankers Association’s annual survey, and one of the top 50 fastest growing companies in NYC, as reported by Crain's New York Business. A trusted advisor to its clients and innovation leader in the commercial mortgage marketplace, Eastern Union has closed an average of $3 billion in annual transaction volume nationwide. The firm’s sophisticated and reliable debt solutions are complemented by a one-of-a-kind Equity Division. Eastern Union is headquartered in New York, with offices in New Jersey, Maryland and Israel. For more on the country’s most trusted commercial mortgage brokerage visit www.easternuc.com.